Foreclosed Homes Portland

If you're looking for foreclosed homes Portland then there are
a few things
you need to understand. Foreclosed homes can be one way to take
advantage
of a really great deal and get a Portland home for sale for less than
what you
might pay on the normal real estate market, because of the
foreclosure.
That said, there can be some disadvantages as well. Just make
sure you do
your homework so the transaction goes as expected.

First of all, what is a foreclosed home exactly?

"Foreclosure is a process that allows a lender to recover the
amount
owed on a defaulted loan by selling or taking ownership (repossession)
of the
property securing the loan. The foreclosure process begins when a
borrower/owner
defaults on loan payments (usually mortgage payments) and the lender
files a
public default notice, called a Notice of Default or Lis
Pendens."
(From RealtyTrac.com)
You can read more about the types of foreclosures and educate yourself
about the
foreclosure process on their website.

So, a foreclosure is the result of someone defaulting or being
unable to pay their mortgage
loan, for whatever reason. During these difficult economic times,
there
are more Portland foreclosed properties for sale than ever as many have
lost
employment and simply cannot make their house payment. In some
cases, the
poor decisions made by some banks giving risky loans has only
contributed to this problem.
If you are willing to take some risk and be patient, a foreclosed home
might be
a good choice for you.

When you're looking for a Portland home for sale, one of the
best places to
start is with a custom search. You can do a Portland
MLS property search to find the perfect Portland
home for you.

Buying Foreclosed Homes

According to HUD.gov, "A HUD home is a 1 to 4 unit residential
property
acquired by HUD as a result of a foreclosure action on an FHA-insured
mortgage.
HUD becomes the property owner and offers it for sale to recover the
loss on the
foreclosure claim." If you have the money or can qualify for the
loan, you may be able to buy a HUD home. HUD Homes are initially
offered
to owner-occupant purchasers (people who are buying the home as their
primary
residence). Following the priority period for owner occupants, unsold
properties
are available to all buyers, including investors. Read more about
this on
the HUD
website.

Some Portland foreclosed homes listings charge a fee to access
their database
of foreclosed homes or bank owned homes. Some are free. In
either
case, unless you have some experience, it is generally a good idea to
work with
a real estate professional.

Maps - View Neighborhoods and Boundaries

NOTE:You may need the "Adobe Acrobat Reader" software
installed on your computer to read some map files. The Adobe Reader is
available free from
Adobe. If you cannot view the maps,
download and install Adobe Acrobat reader, then try again.